If you follow Warren Buffett then Lawrence A. Cunningham (@CunninghamProf) doesn’t need an introduction. Lawrence is a lawyer, a professor at GW, a corporate director, and a Buffettphile. Mr. Cunningham is better known for documenting Warren Buffett and Berkshire Hathaway for decades. He’s the author of many books. His most famous work is the The Essays of Warren Buffett: Lessons for Corporate America. Investors that want to learn more about Buffett and BRK has turned to Professor Cunningham’s work.
Last night I participated to his virtual book launch of his new book: Dear Shareholder: The best executive letters from Warren Buffett, Prem Watsa and other great CEOs (pun on Dear Chairman, another great book, he asked Jeff Gramm for permission). Prof. Cunningham also provided slides to follow allow.
Dear Shareholder Talk Slide Deck April 14 2020 (feel free to share)
I’m looking forward to reading the book. Investors, entrepreneurs, and business leaders could learn from some of the best shareholder letters written. The book is separated in 16 chapters. Each chapter represents a company. Most letters have one author, but companies like Leucadia-Jefferies and Markel Corporations have two. This is truly some of the best people in business, separated in three categories: 1) Classic (Buffett, Goizuieta +), 2) Vintage (90s), and 3) Contemporary (SEACOR, Google, Constellation Software +). The only ones I never heard of on the list were Charles Fabrikant from SEACOR, Brett Roberts from Credit Acceptance Corp, and Robert Keane from Cimpress N.V. I will have to look them up.
Buffett is the dean of shareholder letters. They all learned the art from Buffett. They all tried to emulate him. But they have their own style, own personality, and all try to bring something different to the table. These guys (and two ladies) are great writers. There is something special about this group of authors. They focus on discipline, capital allocation, conservatism, being rational and the long-term. What makes a great shareholder letter? They treat shareholders as partners. They provide a comprehensive clear report.
This book is great business writing pulled together into a book. I’m waiting for my copy and will be great references on the book shelve.
Thank you Professor Cunningham for your work and being generous with your time.